Citi sees Brent crude sliding to $60 as supply fears ease

Citigroup forecasts Brent crude sliding to $60-$65 per barrel by year-end as supply fears ease with shipping through the Strait of Hormuz resuming. Brent has erased all gains made during the recent conflict after a 30 percent fall and currently trades around $72 per barrel. Goldman Sachs and Morgan Stanley echo similar views, warning of a potential supply surplus as Gulf producers ramp up output.